Fibonacci Retracements Analysis 19.07.2013 (EUR/USD, USD/CHF)

19.07.2013

Analysis for July 19th, 2013

EUR/USD

Euro is still consolidating; there is still a possibility that the price may reach the level of 78.6%. Near this level we can see the 1.618 line of the fibo-channel (from the latest local correction), which makes it even more important.



At the H1 chart, the price is moving between the levels of 61.8% and 50%. If the market is able to keep the price above the level of 61.8%, the pair will continue growing up towards the level of 78.6%. However, if the market rebounds from the level, the pair may start a correction.



USD/CHF

Franc is moving below the level of 50%. If later the pair rebounds from the level of 61.8%, the bears will continue 1.618 line of the fibo-channel, the pair will continue falling down. In this case, the target will be the level of 78.6%, where there are several more fibo-levels.



At the H1 chart, we can see that main tendency remains bearish. According to the analysis of the temporary fibo-zones, the lower levels may be reached in the beginning of the next week.



 
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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